Extra Legal Markets

The Mystery of Capital

Capitalism

Capitalism stands alone as the only feasible way to rationally organize a modern economy. Capital is the force that raises the productivity of labor and creates the wealth of nations. Many of the inhabitants of Third World and former Communist countries already have the assests they need to allow for the success of Capitalism. Even in the poorest of countries people save. The reason why these countries fail is because they hold their resources in defective forms. Because the rights to these resources are not adequetly recorded, these assests can not be readily turned into capital. The difference between assests held in the U.S. and assests held by poorer countries is representation. Without representation, their assests are dead capital. Because of this problem extra legal markets, or activities outside the relm of recorded legal economic activity, dominate the economies of many of these countries.

Dead Capital Worldwide

The Mystery of Legal Failure: Why Property Law Does Not Work Outside the West

• Fixing the Economic Potential of Assets

• Integrating Dispersed Information into One System

• Making People Accountable

• Making Assets Fungible

• Networking People

• Protecting Transactions

Procedure